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The S&P BSE Sensex is trading at 26,619, down by 126 points, while NSE Nifty is trading at 8,219 down by 42 points.
Over the weekend, OPEC once again managed a pleasant surprise for itself as non-members too agreed to cut output and reduce oversupply. This deal, struck for the first time in the last 15 years, led to oil prices flaring to the highest level in two years.
It was a healthy week for Indian equity market that saw the top 10 firms adding over Rs 56,000 crore to their market-cap. TCS was the lone loser in the top league. Foreign investors were net buyers to the tune of Rs 140 crore in the equity market in December but the selling in debt market continues as they pulled out over Rs 17,000 crore in this segment.
On the macro front, India’s industrial output contracted by 1.9% (yoy) during October. The retail inflation (CPI) numbers are scheduled later today. The Goods and Services Tax (GST) implementation by April 1 remains a worry as the GST council was unable to reach an agreement to clear the draft law on Sunday.
Gold prices tumbled to ten month low of US $ 1,157/oz at one point of time, with values registering fifth weekly consecutive decline. Strong US dollar and jitters regarding a Fed rate hike next week continues to take a toll on the precious pack. Although 25 bps rate hike is already discounted by the markets, investors will be more interested in language of the policy statement. Market participants will try to gauge what Fed intends to do during the course of next 12 months and what is the probability of subsequent rate hikes.
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